Abraxas Petroleum Corp. (NASDAQ:AXAS) has earned a consensus recommendation of “Buy” from the ten research firms that are presently covering the company. Five analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $2.45.

Several equities analysts have recently weighed in on the stock. HC Wainwright assumed coverage on shares of Abraxas Petroleum Corp. in a report on Friday, October 21st. They set a “buy” rating and a $3.00 target price for the company. Canaccord Genuity reissued a “buy” rating and issued a $2.25 price target on shares of Abraxas Petroleum Corp. in a report on Friday, October 21st. Rodman & Renshaw began coverage on shares of Abraxas Petroleum Corp. in a report on Friday, October 21st. They issued a “buy” rating and a $3.00 price target for the company. Zacks Investment Research raised shares of Abraxas Petroleum Corp. from a “strong sell” rating to a “hold” rating in a report on Monday, October 17th. Finally, Seaport Global Securities raised shares of Abraxas Petroleum Corp. from a “neutral” rating to an “accumulate” rating and set a $2.50 price target for the company in a report on Monday, October 10th.

Shares of Abraxas Petroleum Corp. (NASDAQ:AXAS) opened at 1.73 on Wednesday. The stock has a 50 day moving average of $1.68 and a 200 day moving average of $1.39. The stock’s market cap is $230.95 million. Abraxas Petroleum Corp. has a 52 week low of $0.65 and a 52 week high of $1.93.

Abraxas Petroleum Corp. (NASDAQ:AXAS) last posted its earnings results on Monday, November 14th. The energy company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.01. The firm earned $14 million during the quarter, compared to analyst estimates of $15.16 million. Abraxas Petroleum Corp. had a negative net margin of 330.92% and a negative return on equity of 24.23%. The business’s quarterly revenue was down 13.0% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.03) EPS. On average, analysts expect that Abraxas Petroleum Corp. will post ($0.10) earnings per share for the current year.

In other news, VP Lee T. Billingsley sold 100,000 shares of the business’s stock in a transaction dated Thursday, September 29th. The shares were sold at an average price of $1.68, for a total transaction of $168,000.00. Following the transaction, the vice president now owns 230,037 shares of the company’s stock, valued at approximately $386,462.16. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 12.30% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Cortina Asset Management LLC purchased a new position in shares of Abraxas Petroleum Corp. during the second quarter valued at $4,887,000. EAM Investors LLC purchased a new position in shares of Abraxas Petroleum Corp. during the second quarter valued at $1,141,000. BlackRock Fund Advisors boosted its position in shares of Abraxas Petroleum Corp. by 37.0% in the second quarter. BlackRock Fund Advisors now owns 3,195,559 shares of the energy company’s stock valued at $3,611,000 after buying an additional 862,756 shares during the last quarter. Argent Capital Management LLC raised its stake in shares of Abraxas Petroleum Corp. by 84.1% in the second quarter. Argent Capital Management LLC now owns 1,582,190 shares of the energy company’s stock valued at $1,788,000 after buying an additional 722,675 shares during the period. Finally, UBS Oconnor LLC bought a new stake in shares of Abraxas Petroleum Corp. during the second quarter valued at about $751,000. 37.75% of the stock is currently owned by hedge funds and other institutional investors.

About Abraxas Petroleum Corp.

Abraxas Petroleum Corporation is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of oil and gas. The Company’s estimated net proved reserves are approximately 43.2 million barrels of oil equivalent (MMBoe), of which over 38% are classified as proved developed, approximately 71% are oil and natural gas liquids (NGL), and approximately 95% of which (on a PV-10 basis) are operated by the Company.

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